Cardinal Ethanol, LLC Employee Bonus Recommendation for Fiscal Year 2009-10

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

The Compensation Committee of Cardinal Ethanol, LLC recommends paying bonuses to employees for the fiscal year ending September 30, 2010. Non-management employees are to receive a bonus equal to 7.5% of their gross wages, while management employees are to receive 15%. The total recommended bonus payout is $224,797.66, which is 1.10% of the company's net income for the year. Management is defined as specific leadership roles, and gross wage includes regular, overtime, PTO, and holiday pay.

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EX-10.30 2 c10196exv10w30.htm EXHIBIT 10.30 Exhibit 10.30
Exhibit 10.30
October 14, 2010
To: Board of Directors, Cardinal Ethanol, LLC
From: Compensation Committee
Given the financial success the Company has achieved, the Compensation Committee recommends the following bonus be paid to employees for the period of October 1, 2009 to September 30, 2010 (Fiscal Year 2009-10).
We recommend a bonus of 7.5% of the employee’s gross wage* for all non-management employees (**as defined below). We also recommend a bonus of 15% for management employees (***as defined below).
The financial impact of this recommendation is:
                 
Non-management employees -
   $ 1,635,730.34 @ 7.5% =     $ 122,679.78  
 
                
Management employees -
   $ 680,785.91 @ 15.0% =     $ 102,117.89  
 
              
 
           $ 224,797.66  
This represents 1.10% of fiscal year net income.
     
*   gross wage = Regular, Overtime, PTO, and Holiday pay
 
**   non-management employees = all employee not defined as management
 
***   management employees = CEO, CFO, Plant Manager, Commodity Manager, Production Manager, Maintenance Manager, Lab Manager, and EHS Manager
1554 N. 600 E, Union City, IN 47390; Phone: (765 ###-###-####; Fax: (765 ###-###-####